On February 18, 2025, Matthew Sigel, Head of Digital Assets Research at VanEck, expressed a controversial theory regarding Jack Dorsey’s identity as Satoshi Nakamoto, the pseudonymous creator of Bitcoin. Sigel’s assertion is supported by evidence gathered by entrepreneur Sean Murray.
Despite the prevailing belief among many Bitcoin proponents that the absence of a definitive leader contributes to the cryptocurrency’s success, the mystery surrounding Satoshi Nakamoto continues to provoke interest and speculation.
Sigel emphasizes that his claims require further examination and encourages public discourse on the topic. He presents a web of connections between Dorsey and Nakamoto that includes technical parallels, timing coincidences, motives, and capabilities—although he acknowledges these links are not conclusive, the range of associations merits investigation.
Murray’s findings, which Sigel references, were first introduced in 2024, although whispers regarding Dorsey’s potential link to Bitcoin’s creation date back to earlier years. Notably, Dorsey explicitly denied being Satoshi during a podcast interview in 2020.
Exploring the Dorsey-Nakamoto Connection
Sigel’s conclusion is heavily influenced by Murray’s detailed research, which has appeared in multiple articles outlining reasons that support the hypothesis of Dorsey being Nakamoto. One compelling piece of evidence includes a 1996 photograph of Dorsey donning an RSA Munition T-shirt, designed by prominent cypherpunk Adam Back, whose Hashcash technology played a crucial role in Bitcoin’s development.
Moreover, Dorsey’s programming background and knowledge of the C coding language used in Bitcoin’s creation further link him to Nakamoto. Murray highlights Dorsey’s early engagement with distributed databases, noting his work in 1998 with DNet, which aimed at facilitating online payments.
Interestingly, a significant coincidence arose when Dorsey’s Square website launched with two blue squares prominently displayed in its logo, aligning with Nakamoto’s discussion of potential Bitcoin logos shortly thereafter.
Dorsey’s tenure at Twitter saw him briefly lose his CEO position during a period when Nakamoto was actively developing Bitcoin. Notably, Dorsey has emerged as a staunch Bitcoin supporter, as Square became one of the earliest companies to adopt Bitcoin as a payment method.
Murray’s hypothesis is further bolstered by an incident in 2014 when Satoshi Nakamoto’s email was compromised. The breach revealed that Nakamoto had subscribed to a payment media that had not previously reported on Bitcoin but covered Square and Dorsey extensively.
In 2022, Dorsey established a Bitcoin Legal Defense Fund to combat erroneous claims from Craig Wright asserting he was the original Bitcoin creator.
Overall, Murray’s investigation highlights Dorsey’s deep-rooted interests in cypherpunk culture and cryptography, including his admiration for Neal Stephenson’s writings, which resonates with Nakamoto’s own references in Bitcoin’s early communications.
Critique of the Theory
While Murray presents numerous arguments supporting his theory, some appear less convincing and may reflect a bias towards finding evidence that corroborates his hypothesis rather than objective truth. Certain attempts to connect specific actions or tweets of Dorsey to Nakamoto’s transactions may seem far-fetched.
Murray’s claims even extend to geographic coincidences relating to Dorsey’s residence in close proximity to the U.S. Mint, with alleged references encoded in early Bitcoin transactions, raising eyebrows among skeptics.
Furthermore, Murray cites a graphic novel co-created by Dorsey’s associate that portrays parallels between Dorsey and Nakamoto, though critics question the validity of using fictional narratives as substantiating evidence.
Community Response to Sigel’s Claims
Sigel has faced backlash from Bitcoin enthusiasts who argue that unraveling Nakamoto’s identity could undermine the decentralized ethos of Bitcoin. He counters this by suggesting that revealing Dorsey as Nakamoto would ensure the security of a significant Bitcoin holding.
While some supporters believe pursuing Nakamoto’s identity could bring clarity to market concerns, many maintain that Bitcoin’s strength lies in its lack of centralized leadership. This ongoing debate over the identity of Satoshi Nakamoto remains contentious and is likely to continue as new theories emerge.
